Redevelopment Riverfront project moves forward in Bay City
Wed, 14 Dec 2011 22:42:19 GMT —
The state approves $5-million in tax credits for Bay City's riverfront development project.
By the end of the week it could provide an additional $3-million in incentives to move the project forward.
The development promises $25-million dollars in initial investment bringing hundreds of corporate jobs to the site, which hasn't been doing anything for years.
Crossing the Veterans Memorial Bridge east into downtown Bay City, you see the former American Hoist site that residents complain about.
"We've been looking forward to seeing something happen down there that property being developed. It's been such an eyesore for so many years," says Craig Colberg, 39-year Bay City resident. He's excited to hear of the multi-million dollar development which will feature retail, office space, residential, and recreational opportunities.
"This project is truly a game-changer for Bay City," says Deputy City Manager for Community Development Steven Black who says it's one of the largest brownfield redevelopment projects in the state.
Several governmental agencies and grants are going into the project.
"There is not going to be any general fund dollars of the city used to develop this site," says Black.
Saginaw-based developer SSP Associates says its initial $25-million investment will provide at least $100,000 in building space bringing 440 permanent jobs...
That's music to the ears for those living close to the project who want their property values to go up.
"We need some more jobs and other projects going on," says Colberg.
As far as a time table goes, the purchase agreement must be finalized by October 2, 2012.
Officials believe it will be signed well before then in order not to miss out on the construction season.